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Paul Greenberg Author: CRM at the Speed of Light.

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Presentation on theme: "Paul Greenberg Author: CRM at the Speed of Light."— Presentation transcript:

1 Paul Greenberg Author: CRM at the Speed of Light

2 Caveat #1: Im not an economist

3 Caveat #2: CRM is not a panacea

4 Why a Problem? Poor economic conditions do change customer behaviors (transactions) Customers desire to spend greatly diminished Makes it easier to do nothing – or bolt Your ability to spend on customers reduced It can affect customer attitude but not always (interactions) Your business has some control over this

5 Why Develop Strategy? Acquisition costs much higher Traditionally, 6 to 13X the cost of retention Davids Bridal – shift in view of customer Loyal customers will continue to spend with you because they trust you and are comfortable with you

6 Advocates are the paradigm – even in a downturn Committed customers will help you acquire new customers Because they will market and sell for you Community retailing – Karmaloop, Threadless

7 Community Retailing – Karmaloop Combination of name brand & independently designed clothes Community building (nearly million) key focus via UGC, indie design exposure, and street teams who are incented to sell – and to be involved in community building 20% discount One percent of that community drives 15% of their total revenue through buying and WOM 2006 - $4 million 2008 - $40 million (with 30% reduction in original forecast due to recession)

8 Investigating your situation Find out what customers want – and need What have they been buying is important here too How? Call them up; email them; tweet them if youre so inclined Determine what you have to give them – and what you need to do Obviously price/cost is a consideration Clean out ineffective processes – those with no value to you or your customer Using Web 2.0 tools to provide customers with what they want.

9 Developing your strategy Decide whether acquisition or retention is at the core? Or a mix …. Recognize that your customer moves from being a client to a partner – or needs to be Understand that there are three things that you have to do for the customer CommunicationsValueService

10 Adjusting approach What can you do to keep engaging customer? What can you do to intensify loyalty w/customer as a partner? What kind of value can you provide customer when price takes center stage? Think in terms of operating as a business leader not just a sales organization

11 EconomicCommunications Engagement (Loyalty) Engagement (Value) Technology Doing it Wrong Doing it Right

12 Price moves to front of the line as part of overall experience Provide discounts where possible to: Customers directly Partners in your business ecosystem if large enough Financing options Give customer payment options based on what you can do Large company – multiple financing options Small company – informal options to avoid difficulty Sometimes, you have to compromise

13 Communications Plan Find out how customers want to control their engagement - frequency, channel etc. Opt-in, not opt-out Find out where they congregate (e.g. Facebook, local bar) Stay in touch - outreach

14 Communications Plan Find out what they want from you during downturn Their interests will matter Make clear what your own situation is (transparency) But dont forget your own business plan – customer needs to be partner – and understand you too (authenticity)

15 If you have loyalty program: Adjust loyalty program to fit need but Be sure you fulfill obligations you already made If you dont: Provide best customers with some unsolicited awards – small tokens of appreciation are fine Thanks for sticking with us during these difficult times

16 Operate as business leader, not sales person Treat customer as human partner, not object of sale subject to your desperation Provide information on how to cope with bad economy – both as business, and personal Large company – do webinars; provide ebooks; send out targeted emails to customers on how to handle specific issues; corporate blogs, podcasts; create communities Small company – send links to articles of interest; blogs and podcasts; phone calls to key customers

17 Use of CRM tools On demand v. on premise Good financing terms Customer service Social media tools Blogging tools either server-based or SaaS Podcasting tools Community creation for larger companies

18 High End Cruise Line Sent out letter to prospects that began with scare tactics about economy Stressed stress and said solution to the stress was to effectively engage nature – by traveling with them Letter was signed personally by the owner of the company and addressed to Dear Traveler

19 Car dealers in Midwest Providing multiple financing options outside standard vehicles Working with local & smaller regional banks to get financing Preparing leaseholders in advance on their options so that they arent surprised Sports teams Nets free tickets to unemployed fans Resumes posted to Nets website Resumes go to team sponsors

20 Caretaker of the Islands of the Great Barrier Reef – Tourism Queensland Dissecting the elements Watched a podcast on the job availability which is primarily to blog for 6 months. Marketing Manager talks about word of mouth being important now. Your relevant experience is to be highlighted in 60 second uploaded video (UGC) The video is voted on and commented on by visitors to site (UGC) 10 finalists chosen by committee; one wildcard by visitors

21 Most important to remember, these tips/tactics arent only for a downturn Downturn simply helps filter the selection due to the emotional/mental state of the customer The type of likely customer experience is what determines which approaches, tactics, etc. you use AND, remember, Im NOT an economist BUT I do know something about customers & CRM

22 Author: CRM at the Speed of Light (4th Edition, February 2009) President: The 56 Group, LLC Managing Partner/CCO: BPT Partners, EVP: National CRM Assn. Co-Chair: Rutgers CRM Research Center Named #1 CRM Influencer (Non Vendor) by InsideCRM 2007 Named #1 CRM Blogger 2005, twice in 2007 by TechTarget and InsideCRM & InsideCRM 2008 CRM Magazine 2008 Top Influencer PGreenblog: ZDNET Blog: Email: Twitter: Cell phone: 703-551-2337 THANK YOU

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